The United States’ current economic model is not sustainable

The United States at present gives the impression of prosperity: vigorous growth, low unemployment, high per capita income, high level of wealth in equities. But we think that in reality, its current economic model is not sustainable: Growth is based on robbing the rest of the world of its savings; Inequality and poverty will end up bringing to power a president who will conduct quite a different social and tax policy; The increasingly expansionary fiscal policy will end up giving rise to a US external deficit that will not be financeable and will end up conflicting with monetary policy. The result will be a correction of asset prices (real estate, technology shares).